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Standard Bank predicts sharp rise in RMB Sino-Africa trade
06 October 2011
A new report by Standard Bank predicts a sharp rise in the amount of Africa-China trade being conducted in renminbi (RMB) financing.
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Standard Bank China
China Africa trade
RMB Trade finance
RMB Africa
RMB internationalistion
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Greenback vs redback
The report also states: “To be clear, the likelihood of the renminbi usurping the US dollar (given how far it is behind) as the world’s principle reserve currency – at least within the next 20 years – is virtually nil.
Consider that the US dollar surpassed the GB pound as the principle reserve currency half a century after it became the world’s largest economy. Today, the US dollar and euro, which account for more 90% of world trade, make up global reserves.”
The report also notes: “Until financial markets are more sophisticated, developed and liquid, it will be a slow grind before the renminbi becomes internationalised. And the concomitant financial market liberalisation necessary will be gradual. The intention is to do so over decades”. |
Standard Bank is predicting that by the year 2015, at least 40%, or $100 billion, of China’s trade with Africa...
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